You’ve got your cannabis startup going: licensing is in process, your business plan completed, marketing plan written, site plan done, security and operations are all there. Things are looking good, except for the money part. You need an investor or two to help make it happen.

Before you’re ready to go to the dance, make sure you know the steps.

We talked withEric Seifert about the relationship between investors and cannabis entrepreneurs and what startups need to know when seeking an investment partner.

Eric Seifert, advisor to cannabis investors

Eric has been working with investors and startups outside of cannabis for a decade at the Michigan SBDC and since leaving the SBDC has been helping bridge the funding gap in the cannabis space. His company, Left Coast Capital works with investors looking for solid businesses, in cannabis and other businesses as well. Here are ten things Eric says cannabis entrepreneurs need to know before opening themselves up to an investor.

1) If you know how to grow marijuana, but don’t know much about business, find a partner who does. “Investors look for business sense and experience.” Having a passion for cannabis goes a long way, but so does the idea that you will succeed in business. “If you need to, bring in someone to help your business, to supplement what you really don’t know or what you recognize as a weakness. Show how you can mitigate that.” You need a solid business plan and it’s smart to give an investor several scenarios for outcomes—one that’s modest, another that shows what you believe to be reasonable growth and another that blows the roof off of all expectations of how the business will grow if things go well.

2) One of the hardest parts for cannabis entrepreneurs is that they don’t have the kind of documentation that other businesses might have as proof of prior success. “Even a caregiver can show what they’ve done already and how they’ve tracked income and expenses. When you’re scaling up a business, you need to point to your past success, even if it is just a year or two.”

3) Find great legal and accounting representation. “Compliance is going to be a major issue, if you successfully launch, but then are audited and shut down, that will make for a dissatisfied investor. You need to have your attorney draw up investment documents that protect you.”

4) You’ll want to work with an accredited investor, someone who can produce a signed affidavit that they have at least $1 million in net worth, an annual income of at least $200,000. This documents that they are an SEC accredited investor.

What Cannabis Investors Want From You

5) Every cannabis investor is looking for one thing: making more money than they might in the market. “In your business plan and pitch deck, you need to be able to show profits that are greater than the stock market.” Investors want to get their money back in about 3-4 years and they’ll want a portion of the profits beyond the investment. “They want a big return because they’re taking on so much risk.”

6) Most cannabis investors want something beyond a return on their investment, and you should expect they would negotiate a percentage ownership of your company for the long or short term. “Investors tend to like hard assets, so a first lien on your building might be an option. If there’s a failure, the investor has something to sell to recoup their losses.”

Show the Investors Your Passion for Cannabis

7) The entrepreneur, rather than the cannabis industry is where an investor will focus his or her attention. “Investors look for people who are in business for something bigger than making money.” They want to see a passion for the medicinal value of the plant, either personally or for a family member, so make sure you have a relatable story.

8) Plan to talk about how you’re going to handle cash and how you plan to mitigate the risk involved with it. “Investors want to know that their investment won’t be lost at gunpoint. Cannabis investors want to know what you’re doing to handle cash and security.”

9) Create a great pitch deck and practice your presentation. “No more than 20 minutes from start to finish, followed by 20 minutes of Q&A.” Investors don’t need to hear every detail about your business—don’t drown people in details until they ask for them.” Investors who want more will ask for it. Stick to the regional view when you’re pitching—don’t worry about national picture yet. “Until cannabis is legal across the U.S. there’s not much point in spending time talking about it. You need to get the investor’s attention with high-level summary information.”

10) Don’t underestimate your knowledge and skill in the cannabis marketplace. “You need to show passion and expertise for the industry. It’s an 8 or 9 on the scale of importance.”